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Europe sees higher Russian uranium share even as diversification efforts grow
Russian supply to EU utilities rose 7% in 2025, while conversion sales climbed 9% and enrichment sales increased 12%, underscoring ongoing leverage risks for nuclear fuel security.
European utilities increased their reliance on Russian nuclear fuel in 2025 even as they pursue diversification after Russia’s invasion of Ukraine, according to a new report from Sprott Asset Management, cited by Mining.com. The report warned that utilities will need alternative uranium supply and fuel-processing capacity as existing contracts roll off, increasing competition for production from Western and allied suppliers.
Sprott Asset Management said Kazakhstan, the world’s top uranium producer, is expected to be central to that competition, and provided 20% of the uranium delivered to EU utilities in 2025. However, a significant share of Kazakhstan output is already committed under long term arrangements to China, Russia, and increasingly India, limiting how quickly spare supply can shift to Europe.
The report also quantified Russia’s footprint in European nuclear fuel markets, placing Russia’s share at 16% of overall uranium supply, 24% of conversion, and 23% of enrichment. It further highlighted that the West’s nuclear revival will require added Western uranium mining, conversion, and enrichment capacity to reduce dependence on Russia.
Sprott said long-term global contracting remains below current consumption levels, with about 37 million lb. of uranium oxide contracted through Aug. 10 for 2026, marking the 14th consecutive year of utilities signing long term supply contracts for less uranium than they are consuming. The report attributed the gap to favorable terms in legacy contracts that include flexible delivery options, noting the buffer may shrink as those contracts expire while future supply development takes years.